Irish bank and property stocks slide following the election results

Irish stocks slid this morning after polls put Sinn Féin in place for a possible role in government, fueling declines in banks and property shares given that the party’s policies include a wealth tax and a freeze on residential rents.

The benchmark ISEQ Index slid as much as 1.4%, with Bank of Ireland Group Plc and AIB Group Plc falling as much as 7.8% and 6%, respectively. Among real estate stocks, Irish Residential Properties REIT Plc slid as much as 8.3%, the most since June 2016, while Glenveagh Properties Plc fell 7% and Cairn Homes Plc dropped as much as 6.2%.